Nonrevolving Loans Push Consumer Credit Higher in October

Personal Loans

Nonrevolving Loans Push Consumer Credit Higher in October

Nonrevolving Loans Push Consumer Credit Higher in October

Nationwide consumer credit increased at an annual rate of 1.7 percent thanks to another jump in nonrevolving credit – loans for fixed amounts of money such as auto loans and mortgages – of 6.8 percent, the latest monthly statistics from the Federal Reserve Board said. The total amount consumers owed on these lines of credit… Read More

If Car Loans Are Less Risky Now, Why are Rates Going Up?

Auto Loans

If Car Loans Are Less Risky Now, Why are Rates Going Up?

If Car Loans Are Less Risky Now, Why are Rates Going Up?

The number of consumers buying cars with subprime loans increased dramatically in the third quarter of 2010, according to a new report by the credit bureau Experian, even though lenders are facing lower risks that people will default on their car loans than they did a year ago. The percentage of people getting subprime loans… Read More

One Bankruptcy Every 15 Seconds (Infographic)

Managing Debt

One Bankruptcy Every 15 Seconds (Infographic)

One Bankruptcy Every 15 Seconds (Infographic)

Thinking about filing for bankruptcy? Already filed? You’re not alone.  Bankruptcy filings have reached epidemic proportions. To understand the true size of this ever growing issue, we break down the numbers in Credit.com’s latest infographic. If you’ve filed bankruptcy, it may feel like the end of your financial life as you know it–but it doesn’t… Read More

Delinquencies May Fall in 2011

Managing Debt

Delinquencies May Fall in 2011

Delinquencies May Fall in 2011

The number of consumers falling delinquent on their mortgages and credit card debts will fall dramatically in 2011, according to a prediction by the credit bureau TransUnion. That could mean the housing market may finally have bottomed out and home values will slowly begin to rebound next year. “While there is continued price pressure in… Read More

WikiLeaks Cut Off by Card Companies, Hackers Respond

Personal Finance

WikiLeaks Cut Off by Card Companies, Hackers Respond

WikiLeaks Cut Off by Card Companies, Hackers Respond

As WikiLeaks founder Julian Assange sits in a London jail, and the financial network that supports his whistleblower website continues to crumble, hackers are reportedly retaliating against some WikiLeaks detractors by launching denial of service attacks on those companies’ websites. Visa and Mastercard both announced this week that they will bar any payments or donations… Read More

How to Spot, and Avoid, Internet Scammers

Identity Theft

How to Spot, and Avoid, Internet Scammers

How to Spot, and Avoid, Internet Scammers

Phishing, Pharming, Vishing and Smishing Hackers are always coming up with new ways to separate you from your money. The most popular methods like include: Phishing has become a catchall term for any electronic criminal fraud scheme that tries to capture personal identifying information (PII), such as names, passwords, credit card information and ATM pins…. Read More

Rates of Default and Unemployment No Longer Move in Similar Ways

Managing Debt

Rates of Default and Unemployment No Longer Move in Similar Ways

Rates of Default and Unemployment No Longer Move in Similar Ways

In recent months, many major credit card lenders have seen the number of defaulted accounts they had to strike from their records continue to decline even as the national unemployment rate remained at or near unusual highs, according to a report from Bloomberg. Joblessness has hovered near 10 percent for some time, even as Moody’s… Read More

For Discover, Rare Allegations of Fraud

Credit Cards

For Discover, Rare Allegations of Fraud

For Discover, Rare Allegations of Fraud

Minnesota’s attorney general sued Discover Financial Services on Monday, alleging that the credit card company tricked consumers into paying for identity theft and emergency account protection. Discover made “aggressive, misleading, and deceptive telemarketing calls to sign people up for these products,” according to a press release by the attorney general’s office. The lawsuit was filed… Read More

Bruce Marks: Banker With a Bullhorn

Mortgages

Bruce Marks: Banker With a Bullhorn

Bruce Marks: Banker With a Bullhorn

It was a boring committee hearing, one of dozens during this Congressional session that addressed the banking and mortgage crisis. David Lowman, CEO of Chase Home Lending, sat in the cramped hearing room and read his prepared testimony from a piece of paper. “I want to emphasize that Chase strongly prefers to work with borrowers… Read More

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